https://www.taxtmi.com/caselaws?id=22697 The High Court upheld the Tribunal's decision, ruling in favor of the bank on the deductibility of rediscounting charges paid to the Reserve Bank of India and interest paid on participation certificates under the Interest-tax Act. However, the Court favored the Revenue on the taxability of interest earned from prized subscribers in kuri transactions, holding that it constituted interest on loans or advances and was therefore taxable. The judgment provided a detailed analysis of each issue raised by the Revenue, ultimately deciding in favor of the bank on the first two issues and in favor of the Revenue on the third issue. en-us Thu, 18 Jun 1987 00:00:00 +0530 Sat, 12 Dec 2009 13:50:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22697 The High Court upheld the Tribunal's decision, ruling in favor of the bank on the deductibility of rediscounting charges paid to the Reserve Bank of India and interest paid on participation certificates under the Interest-tax Act. However, the Court favored the Revenue on the taxability of interest earned from prized subscribers in kuri transactions, holding that it constituted interest on loans or advances and was therefore taxable. The judgment provided a detailed analysis of each issue raised by the Revenue, ultimately deciding in favor of the bank on the first two issues and in favor of the Revenue on the third issue. Case-Laws Income Tax Thu, 18 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22697